The owner of radio stations Talk107 and Wave 102 is the latest company to ask for investors' cash.

Broadcasting group UTV, which also runs talk SPORT, announced plans to raise £50million to cut debt and strengthen its balance sheet.

The Belfast company has already put in place a new five-year financing facility.

The rights issue will offer two shares for every three currently held at a price of 130p per share - a reduction of around 39 per cent on the current price.

John McCann, chief executive of UTV, said: "I am pleased that we are able to maintain our cautiously optimistic outlook for this year and have completed the refinancing of the Group in the context of very challenging credit markets.

"We believe it is important to put in place a balance sheet structure and refinancing package of debt and equity that is cost effective."